Three-quarters of a century after becoming Britain’s steel production capital, Corby is forging a new future for itself — as the country’s fastest growing town.
Supporting a flood of new homes — according to the Land Registry the Northamptonshire town has delivered more new dwellings since the turn of the century than anywhere else in England and Wales — it also boasts a record number of new company registrations.
Last year Corby was also granted assisted area status, allowing businesses located or launching in six of its wards to apply for additional funding and tax breaks to invest in new premises or machinery and, ultimately, creating more jobs. “It’s not surprising, therefore, that 2015 will see a slow but gradual return to speculative development, albeit within the industrial and distribution sectors,” explained Ian Harman, a director at commercial agent Prop-Search.
“Industrial stock levels have slowly, but surely, depleted since the onset of difficult economic times, which saw an impromptu end of speculative new build schemes,” said Harman, who added that the continued take-up of premises by large companies has done little to help improve dwindling levels of existing stock.
An advertising campaign, launched last summer, has also successfully attracted a number of new businesses into the area. Within weeks the global office supplies company Staples announced it was open a branch in Corby, creating 170 jobs.
Bluebird Performance Engineering has confirmed it is moving to Rockingham, near Corby, to give it access to world-class test facilities and fibreglass re-processor Global Composites Recycling Solutions is moving to the town with a promise of 250 jobs by 2017.
To keep pace with demand three speculative schemes will start this summer. A 75,000 sq ft warehouse is being built at Tripark on the Oakley Hay Industrial Estate, with another two units of 10,000 and 16,000 sq ft planned for the estate’s Saxon 26 area. The largest speculative unit currently scheduled for 2015 is a 100,000 sq ft Southern Gateway warehouse on Clowes Development’s Centrix scheme.
“Existing industrial businesses in the town have, encouragingly, also witnessed further growth and in turn have created new employment opportunities,” Harman said. Sixty new jobs have been announced at the town’s Golden Wonder factory, following a multi-million investment in the plant. “Showing,” he adds, “the strength of the location economically, especially when it comes to the potential local workforce.”
On the retail front, perfume supplier Equivalenza opened a store just before Christmas in Spencer Court, just off Corby’s Queens Square. The Spanish company, which has 500 outlets across mainland Europe, opened a store in Kettering in 2014. Discount retailer Aldi is also pressing ahead with its plan to build a new store on land off Saxon Way West, creating 40 full and part-time jobs.
In addition, work on Mulberry Developments’ new 900 seat cinema (pictured) is progressing well. The new venue, which is expected to attract a number of national restaurant occupiers, will be operated by Nottingham-based independent cinema chain Savoy Cinemas. It is due to open later in the spring.
But headlining Corby’s property deals is unquestionably the reported £75m off-market acquisition of Willow Place shopping centre by joint venture partners Europa Capital and Sovereign Land. After just four years ownership, Helical Bar is selling the 146-store site which attracts more than 160,000 weekly visitors. The new owners have already hinted they intend adding another 20,000 sq ft of retail space.
“As the population of Corby continues to rise,” concluded Harman, “enterprise areas will maintain the town as a base for enterprises that will lead the way in high performance technologies, the creative industries and the green economy — helping Corby retain its competitiveness and economic attraction.”
